You know you should downsize. But knowing that you should and actually being prepared for it are two different things. There are lots of good reasons to downsize, after all. Then again, there are lots of good reasons to do all sorts of things we never get around to. How do you know if you’re ready to downsize?
It’s hard because memory after memory has been made and is now held within our home. But the sentiment of your home can quickly be outweighed by the need to downsize – particularly if your items have begun to overtake your living space!
Let’s examine a handful of questions. Ask yourself the following to figure out whether or not you’re mentally prepared for downsizing:
How Will My Lifestyle Be Affected by Downsizing?
Downsizing does mean a lifestyle change, so there are pros and cons to it. This is why you can only really commit to downsizing when you are mentally up to the task. Not only will you need to de-clutter before you leave your bigger house, once you move into your smaller home you will need to remain uncluttered. If all your closets are filled to the brim, the thought of purging your possessions so they fit into smaller closets could seem traumatic.
Additionally, if you are constantly hosting events for friends and family at your home, this may have to change as well. It might be time for everybody else to volunteer their own homes for a few get-togethers. Compare the benefits of staying in your home to the benefits of downsizing: less work and fewer expenses all year might outweigh crowded rooms with everyone rubbing elbows a couple of times a year.
Will a Smaller Home Help Me Save Time?
Smaller maintenance needs and less cleaning is a timesaver once you downsize to a smaller abode. There may even be less outdoor work. Hanging massive amounts of holiday lights, watering the flowers, vacuuming, shoveling, mowing, and things like raking leaves all take a lot of time out of your day. You may have more free time to yourself when you have less things to do as a result of a smaller home.
Am I Using All of the Rooms in My Current Home?
This may be one of the most obvious signs that it’s time to downsize. If you only go into a room to clean it, you may not need it. It’s a good time to think about downsizing if you have a basement, den, living room, or formal dining room that isn’t being used. Compare how much square footage you have to how much square footage you actually use every week.
How Will My Retirement Be Affected by Downsizing?
Retirement may not be in your immediate future, but eventually it will be. Therefore it needs to be considered seriosly. Hardships in retirement can come from unplanned expenses, escalating taxes, unexpected home repairs, and living on a fixed income. Where your retirement planning is concerned, how does your real estate fit in? Fewer expenses for housing may be a result of downsizing, but not necessarily. Talk to a financial planner about your retirement as it relates to your home.
Can I Save Money by Downsizing?
This could be the biggest reason for downsizing.
All of the unused space in our home costs money. It isn’t free. You may be paying for a three-bedroom home and only truly utilizing one. Even if you already own your home, it costs money to heat and cool unused spaces. Even property taxes are usually higher on larger homes. If you downsize to a newer albeit smaller home, you may even end up with more energy efficient appliances, windows, etc., which are all money savers as well.
So, are you ready to downsize? If so, let Estate Buyers/New York Showplace make the process easier and more efficient. Contact us today to find out more.